Condo Advice... sell or keep?

[Account Closed]

First off, newbie investor and still have a lot to learn. Took a big leap of faith last year and bought a condo...

I really need some advice on this condo:

I owe 60K on it for the mortgage now. Payment is $722 a month. HOA is $330 a month. My tenant pays $1100 and wants to renew lease. I'm basically making less than $100 cashflow on it. Tenant just told me today that he wants to renew the lease.

Should I not renew the lease and sell or should I keep? If I sell, I'm thinking I can 1031 exchange what's left after the mortgage payoff and realtor fees and reinvest profits into something better like a duplex or triplex with no HOA.

Lesson I learned here is no more HOAs. They also prevented me from turning this to a short term rental.

[Dennis M.]

If it says condo ...then you know it’s time to sell !